Introduction
MicroStrategy, now rebranded as Strategy, continues to make headlines with its aggressive Bitcoin accumulation strategy. As of February 23, 2026, the company remains the largest corporate holder of Bitcoin, undeterred by recent market volatility. This article delivers the latest updates on MSTR stock, its Bitcoin holdings, and strategic moves—straightforward, factual, and timely.
What’s Happening Now
Strategy has just raised $39.7 million by selling 297,940 shares, using the proceeds to purchase 592 more bitcoins at an average price of $67,286. This brings its total Bitcoin holdings to 717,722 BTC, acquired at an average cost of $76,020 per coin. With Bitcoin trading around $65,000, the company’s position is approximately $8.3 billion underwater.
Meanwhile, MSTR stock has dropped 5.6% recently, contributing to a cumulative decline of 69.4% over the past eight months. Despite this, Executive Chairman Michael Saylor remains steadfast, reaffirming that the company will not sell its holdings and intends to continue buying quarterly “forever.”
Why It Matters Now
This latest purchase underscores Strategy’s unwavering commitment to its Bitcoin treasury model. Even as Bitcoin prices fall below its average cost basis, the company continues to double down. That resilience—or stubbornness, depending on perspective—signals a long-term conviction that sets Strategy apart from other corporate players.
The stock’s sharp decline reflects broader investor concerns about the sustainability of this model amid prolonged market weakness. Yet, Saylor’s public reaffirmation of the “buy forever” strategy suggests that Strategy is doubling down on its identity as a leveraged Bitcoin proxy.
Recent Developments in Context
1. Bitcoin Holdings and Average Cost
As of early February 2026, Strategy held 713,502 BTC at an average cost of $76,052. Bitcoin briefly traded below that level before rebounding above $77,500. The company added 855 BTC at an average price of $87,974.
The new purchase of 592 BTC at $67,286 further increases the total to 717,722 BTC, slightly lowering the average cost but still leaving the position deeply underwater.
2. Stock Performance
MSTR stock has mirrored Bitcoin’s volatility. It recently hit its lowest close since September 2024 and remains down nearly 70% from its July peak.
3. Capital Raising and Leverage
Strategy continues to fund its Bitcoin purchases through equity and preferred stock offerings. In 2025, the company raised over $25 billion to acquire 713,502 BTC—about 3.4% of all Bitcoin in existence. It maintains a conservative net leverage of 10–13%, supported by a $2.25 billion cash buffer to cover obligations through 2028.
4. Accounting Volatility
The adoption of fair-value accounting (ASU 2023‑08) has introduced massive volatility into Strategy’s financials. In Q4 2025, the company reported a $17.4 billion operating loss, contributing to a $5.4 billion full-year loss—both largely driven by mark-to-market adjustments.
Multiple Perspectives
- Supporters argue that Strategy’s bold accumulation during downturns positions it for outsized gains when Bitcoin recovers. The low leverage and strong capital markets access reinforce this view.
- Critics warn that the model is fragile—highly dependent on continued investor enthusiasm and Bitcoin price momentum. Any sustained downturn or loss of stock premium could strain the company’s ability to raise capital.
What’s Next for Investors and Markets
Markets will closely watch:
– Bitcoin’s price trajectory—especially whether it can climb back above Strategy’s average cost.
– Strategy’s next capital raise moves and whether they maintain disciplined leverage.
– Any shifts in accounting standards or investor sentiment that could further impact financial volatility.
Conclusion
Strategy remains unwavering in its Bitcoin accumulation strategy, even as its holdings sit billions underwater and its stock languishes near multi-year lows. The company continues to raise capital and buy Bitcoin, signaling long-term conviction. Whether this approach pays off depends on Bitcoin’s recovery and the market’s tolerance for volatility.
